Bitcoin volume is going down slowly slowly and its showing not much power to upside. From last 10 days it did not cross 17155 which is very strong resistance. Still its moving within range of 16000 - 17100 and at the moment 17000 is its main hurdle.
Bitcoin bear flag is appearing on daily time frame and if it breaks 15800 properly then 14k area is on the way. There could be some fake pump and Bitcoin can retested 17000-17500 before going more down.
At the moment Bitcoin main support is 15300 and Bitcoin has not touched its bottom till now because no one know how much it can go down but if you see the over all market and Bitcoin chart you will see that if it break 14k area then 10k will be the crucial for Bitcoin and buyers. At this time buyers and sellers both want more down.
Bitcoin is still bearish till its new low of 14000 and may be more down to 10k. I know its not easy to get 10k but if you see the movement then its showing that it has less power to move up as compare to downward.
Some coins are not following Bitcoin which is good sign but it could not be a good sign of Bitcoin because if BTC dependency will be lower then it can go more down because most of the traders will invest in other coins rather than Bitcoin .
Market uncertainty is major factor at the moment and everyday there are some fake news and fud. Most of the traders are away till the clear picture of the market and news.
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!
Bitcoin bear flag is appearing on daily time frame and if it breaks 15800 properly then 14k area is on the way. There could be some fake pump and Bitcoin can retested 17000-17500 before going more down.
At the moment Bitcoin main support is 15300 and Bitcoin has not touched its bottom till now because no one know how much it can go down but if you see the over all market and Bitcoin chart you will see that if it break 14k area then 10k will be the crucial for Bitcoin and buyers. At this time buyers and sellers both want more down.
Bitcoin is still bearish till its new low of 14000 and may be more down to 10k. I know its not easy to get 10k but if you see the movement then its showing that it has less power to move up as compare to downward.
Some coins are not following Bitcoin which is good sign but it could not be a good sign of Bitcoin because if BTC dependency will be lower then it can go more down because most of the traders will invest in other coins rather than Bitcoin .
Market uncertainty is major factor at the moment and everyday there are some fake news and fud. Most of the traders are away till the clear picture of the market and news.
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!
Comment:
There could be a bull trap if there is any kind of bounce so be careful.